Report: Apple to release updated phone this summer

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NEW YORK (AP) - The Wall Street Journal says Apple is set for a possible summer launch of the next iPhone, rather than a fall launch like the last two models.

Apple is also working on a cheaper iPhone model that could win it some market share in developing countries, the paper says. It cited unnamed people "familiar with the device's production."

The report is in line with the expectations of company watchers and Wall Street analysts. The iPhone 5 costs around $600, and while Apple maintains older iPhones in production, even those aren't cheap enough to compete effectively against low-end smartphones running Google Inc.'s Android software.

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